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I am in the process of getting comps for the area. I'll update as soon as I can. I still think I can make this deal work, at least I'm hoping so. But I'm very thorough so I'll check into it. Thanks for the advice.

Asking price 100K
Renting 900/mo through 6/2008

Highly motivated seller due to pending divorce. Only problem is this isn't in my geographical area. I might be moving there soon but I can't say for sure, yet. But correct me if I'm wrong but this seems like a pretty good deal, especially considering the house is <10 years old so maint. should be relatively low.

I also would like to know what is included in the 45-50% figure that is always tossed around.

Also, where does the 6.5% interest assumption come from? OBviously the difference between 6 and 6.5 are quite large in terms of cash flow.